Please complete your profile to unlock commenting and other important features.

User AvatarBuild your avatar
Please select your date of birth for special perks on your birthday. Your username will be your unique profile link and will be publicly used in comments.
Narcity Pro

This is a Pro feature.

Time to level up your local game with Narcity Pro.

Pro

$5/month

$40/year

  • Everything in the Free plan
  • Ad-free reading and browsing
  • Unlimited access to all content including AI summaries
  • Directly support our local and national reporting and become a Patron
  • Cancel anytime.
For Pro members only Pro
Summary

Canada Is Freezing Student Loan Interest Until 2023 & Delaying When You Start Repayments

The government has plans to help students.
Federal Student Loans Canada: Interest & Payments Could Be Delayed
universityofbc | Instagram uoft | Instagram
Senior Writer

If you have federal student loans in Canada, help could be on the way because the government has proposed a bunch of ways it plans to assist students.

Minister of Finance Chrystia Freeland released Canada's 2021 budget which includes a $4.1 billion investment to help make post-secondary education more affordable and to support students who have the greatest needs.

Editor's Choice: Canada's Minimum Wage Is Set To Be Boosted Across All Federally-Regulated Industries

The government plans to extend the freeze on federal student loan interest until March 31, 2023, which would mean savings for about 1.5 million Canadians who have debt to repay.

It's also been proposed that the threshold for repayment be upped to $40,000 for those living alone so if you're earning less than that you don't have to make payments on your student loans.

Along with that, the government is intending to extend the doubling of how much money you get with federal student grants until the end of July 2023.

From Your Site Articles
CanadaMoney
  • Lisa Belmonte

    Senior Writer

    Lisa Belmonte (she/her) is a Senior Writer with Narcity Media. After graduating with a Bachelor of Journalism from Toronto Metropolitan University (formerly Ryerson University), she joined the Narcity team. Lisa covers news and notices from across the country from a Canada-wide perspective. Her early coverage of the COVID-19 pandemic earned Narcity its first-ever national journalism award nomination.

13 updates from the new federal budget that you might actually care about

From tax cuts to Eurovision dreams, here's what Mark Carney's federal budget means for you. 👇

5 government benefit payments you can get from the CRA & Service Canada in June 2025

Just in time for summer expenses! 💸

Canada's new tax cut is officially on — Here's how much more your next paycheque should have

Your summer paycheque just got a little bigger. 💸

Canadians can get these 8 government benefits in July 2025 and payments are increasing

You could be eligible for some of these payments next month — even if you weren't before. 👀

Canadians got real about the things they've stopped buying because they're too expensive

Spoiler alert: It's basically everything. 😭

You could get $200 from this new government benefit in November — Here's how to apply

You could actually get $1,000 in back pay if you've qualified since the summer!

Canada could face another federal election this fall and it all comes down to this vote

Seven months after the last election, Canada could be on the brink of another one.

Mississauga's new Costco Business Centre is open and I couldn't resist buying these 14 items

I didn't even go there to shop! 👀

Canada Child Benefit payments for November go out soon and you could get over $1,200 per child

Check to see what you qualify for! 👇

Metrolinx is hiring for these jobs in the GTA that pay up to $47 an hour or $193,000 a year

Some positions don't require a university degree.

This Ontario Nordic spa is a 'little piece of Finland' and feels like a whole other world

It's even prettier in the winter.

Canada's most romantic city is a road trip from Ottawa and it's like a magical Christmas town

It's the perfect place to spend the holidays. 🎄

This Christmassy village 1 hour from Toronto is dotted with cute downtown shops and bakeries

It's a magical spot for a day trip.

There's a mini Niagara Falls 2 hrs from Toronto and it's a hidden gem with fewer crowds

It's known as the "Niagara of the North."